Kenya Airways anounces major reduction in annual losses

MBUVI NGUNZE LEAVES KENYA AIRWAYS WITH HIS HEAD HELD HIGH

(Posted 26th May 2017)

An operating profit of nearly 900 million Kenya Shillings is just the sort of news outgoing CEO Mbuvi Ngunze wanted to tell the Kenyan public before, in a few days, he will leave his position as the airline’s Group Managing Director, though remaining on board for a few more months as consultant for the incoming CEO.
While the airline’s bottom line still shows a loss of 10.2 billion Kenya Shillings is this nevertheless a reduction from past years and, year on year a drop by nearly 61 percent. The operating profit constitutes a turnround as last year the company wrote a 4.1 billion operating loss, a sign that the measures taken by the airline under ‘Operation Pride‘ fulfilled expectations and beshamed the regular naysayers. That programme of cost savings and restructuring is now 70 percent complete and will be seen through to the final stages by new CEO Sebastian Mikosz.
Under Mbuvi’s stewardship did the company incur some 50 billion losses during the past two financial years, that however also greatly reduced from the record lossed made previously before Mbuvi was appointed CEO.

The link to the full financial statement will be added here once it is available on the company’s website as will the formal statements made by Chairman Michael Joseph and Mbuvi Ngunze on the occasion of announcing key data of the company’s 2016/17 financial year which ended on 31st of March.